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Buying your first home with KiwiSaver

August 20th, 2011 -

If you are looking to purchase your first home and you have had KiwiSaver for more than three years you may be able to receive a government subsidy of $3,000-$5,000 depending how long you have been a KiwiSaver member for.

Plus after three years membership of a KiwiSaver scheme, you may be able to withdraw:

  • your savings
  • employer contributions
  • all returns (interest etc).

Government contributions are not paid out in the first-home withdrawal. This includes the $1,000 kick-start when you first join.
The subsidy is $1,000 for each year of contribution to the scheme:

  • 3 years of contributing = $3,000 (the minimum you can get)
  • 4 years of contributing = $4,000
  • 5 years of contributing = $5,000 (the maximum you can get)

To be eligible, you must over 18 and have contributed at least 2% of their income to a KiwiSaver scheme for the last three years. You must live in the house for at least six months and not own any other property. There are also certain regional maximum purchase price caps.

You can apply through your Kiwisaver provider or to Housing New Zealand for pre-approval through their website. Both the first home deposit subsidy and first home withdrawal can be used to buy land to build a house on, or buy an apartment that is being built.
For more information and help on purchasing your first house contact your friendly staff at NZCU. We will help make the process easier for you.

DISCLAIMER: This website is operated by NZCU South and is not endorsed by, or affiliated with, the New Zealand government or Inland Revenue. XYZ is using the KiwiSaver trade mark and logo under licence from Inland Revenue. To view the official New Zealand government KiwiSaver website, please click here.” [link to www.kiwisaver.govt.nz ].

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